S&P Weekly Update

This week we are looking at the failed crypto exchange and hedge fund, FTX. In November of last year, FTX, the second biggest crypto exchange in the world just behind Binance collapsed. The company mismanaged customer funds into risky investments which did not succeed, then when customers tried to take out their funds they could not; this led to the company going bankrupt in a matter of days. The reason we are talking about FTX is because as of September 13th, FTX received U.S. Court permission to sell all of their crypto to pay back a portion of missing customer funds. This will inflate the crypto market because FTX is selling over $3 billion dollars in holdings, most in Solano. For those who do not own crypto, this is a great opportunity to buy for the low and hopefully sell high.